Deloitte is opening a blockchain lab on New York’s financial district, in what it bills a ‘make or break’ year for the nascent technology.

Deloitte Ireland opened the first blockchain lab in May, making the New York lab at 140 Broadway the second hub in the firm’s global network.

The Americas blockchain lab will be staffed by a dedicated team of more than 20 blockchain developers and designers, working with technology partners and banking clients to run concept tests, build prototypes and develop ‘ready-to-integrate’ applications.

“With the technology not yet having reached widespread adoption, 2017 could be the make-or-break year for blockchain technology,” says Eric Piscini, a principal with Deloitte Consulting LLP. “Financial institutions have the power and ability to move blockchain to the next level. To get there, companies will need to move away from churning out proofs of concept and begin producing and implementing solutions. That’s a big part of the goal with Deloitte’s blockchain lab.”

He says the company has already developed more than 30 blockchain-related prototypes, covering a multitude of uses such as digital identity, digital banking, cross-border payments, trade finance, and loyalty and rewards solutions, as well as distinct efforts for the investment management and insurance sectors.